Seoul Shares Rise on Wall Street Gains

South Korean stocks started 2.23 percent higher Thursday as a recent Wall Street winning streak bolstered investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 23 points to 1,052.78 in the first 15 minutes of trading.

On Wednesday, U.S. stocks closed up on renewed hopes that the government will bail out struggling automakers. The Dow Jones industrial average jumped 2.91 percent, rising for the fourth straight session, while the tech-dominated Nasdaq composite index rose 4.6 percent.

The local currency was trading at 1,473.75 won to the U.S. dollar as of 9:15 a.m., up 4.35 won from Wednesday's close.

The advance followed news reports that South Korea posted a record-high current account surplus in October and that the central bank will borrow $4 billion from the Federal Reserve next week under a currency swap deal aimed at providing dollars to cash-strapped local banks.